Assume you are given the following equation (Y = 80-20X). The Y value represents Price while X value represents Quantity demanded for books.

a). In the space below, neatly calculate the values of X when Y are 15, 10, 5, and 0. Work must be shown.

b). Next, with the four data points calculated, neatly construct a graph below by drawing and labeling both axes (Price and Quantity Demanded). Now plot the four coordinates you have calculated from questions 2.a. to draw a line.

c). With the same equation, what is the value of the slope and explain what does this number mean in terms of price and quantity demanded. Explain thoroughly. You must use the value to (slope value) to precisely explain.

Answer rating: 100% (QA)

a Y 80 20X Putting Y 15 15 80 20X 20X 80 15 X 6520 325 is t... View the full answer